As one of on-demand boat rental companies targeted toward the millennial market, Boatsetter (boatsetter.com) has landed $10 million in a Series A investment round, led by WestCap Group and Valor Equity.
The new investment is in addition to $21 million raised for Boatsetter in previous funding rounds since the company’s 2012 launch. The market for the peer-to-peer boat rental industry is estimated to be worth as much as $50 billion, the Florida-based company said.
With a business model similar to Airbnb and Uber, Boatsetter provides rental access to a network of nearly 20,000 privately owned boats in more than 600 locations across the United States, Mexico, Europe, and other global regions. According to Boatsetter, 72 percent of its users are under the age of 45, making it one of the fastest-growing, on-demand, boat rental companies among the Gen X and millennial demographics, many of whom are first-time boaters.
Boatsetter also recently inked a strategic partnership with GEICO to provide peer-to-peer insurance coverage for its customers in the United States. GEICO CEO Bill Roberts said the deal with Boatsetter was partially driven by the rental company’s growth “during a time when younger demographics are driven by experiences rather than material possessions.”
“Our goal is to continue to dominate the U.S. boat-sharing market as a gateway for more affordable and accessible rentals for consumers nationwide,” said Jaclyn Baumgarten, co-founder and CEO at Boatsetter.
